Spain Industry July 2019

Spain: Industrial production eases in July

September 11, 2019

Industrial production rose 0.8% year-on-year in seasonally- and calendar-adjusted terms in July, moderating from June’s 1.6% increase. Despite the upturn, the annual average variation in industrial output held steady at minus 0.2% in July.

July’s reading largely reflected a swing to contraction of capital goods production after growing solidly in June. Meanwhile, consumer goods and energy output picked up in July, while the production of intermediate goods fell for the third consecutive month.

On a month-on-month basis, adjusted for seasonal and calendar effects, factory output declined 0.4% in July, following the 0.2% dip logged in June.

FocusEconomics Consensus Forecast panelists see industrial production expanding 1.1% in 2019, which is up 0.1 percentage points from last month’s forecast, and 1.6% in 2020.

Author:Javier Colato, Economist

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Reflecting weaker contractions of both the manufacturing and services sectors after they had collapsed in April, the IHS Markit composite Purchasing Managers’ Index (PMI) jumped to 29.2 in May from an unprecedented 9.2 in April.

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